Alan Greenspan, the Fed's long-serving 'maestro', dies at 100

Serving from 1987 to 2006, Greenspan became a fixture of American economic life, celebrated for presiding over the second-longest expansion in U.S. history. His ability to navigate crises—from the 1987 Black Monday crash to the aftermath of the September 11 attacks—earned him a reputation as an economic "maestro." He famously favored elliptical communication, once quipping that he had learned to "mumble with great incoherence" to avoid revealing too much of his hand.

Yet, his legacy remains deeply polarized. While supporters point to his disciplined approach to inflation, critics argue his advocacy for light-touch financial regulation and a hands-off approach to market excesses laid the groundwork for the 2007-2009 financial crisis. After leaving office, Greenspan acknowledged his "shocked disbelief" that the self-interest of banking institutions had failed to prevent the system's near-collapse. A former jazz musician and protege of Ayn Rand, he spent his final years as a private consultant, leaving behind a complex record that continues to define the boundaries of central bank power.